The precious metal has managed to rise to an 8-day high following a close above the 1850 handle on an intraday basis.
The Stochastics oscillator currently looks somewhat bullish with the possibility that the overbought conditions may persist.
If price closes above 1850 on a daily basis, then we expect to see further gains. The next key technical resistance for gold is the 1911.50 level.
In the near term, gold prices will need to establish support once again near the 1850 handle. Given that there has been a strong consolidation taking place near this technical support, there is a good chance that price action might continue to push higher.
To the downside, a close below the 1850 handle will open up to the 1817.80 level of technical support.
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